Quick hits...
Sorry for the absence these past few days. I actually took a vacation, then had computer issues. But now that I'm back in the saddle, here are a couple quick thoughts ...
1) Looks like we're having about the 5th "The Fed is done hiking rates" rallies in the stock market. I suppose even a stopped clock is right twice a day. But when are these rocks-for-brains "expert" economists on Wall Street going to give it up. How come they have any credibility left? Just wondering.
2) Nasty Consumer Price Index numbers yesterday. Headline CPI showed a big jump (0.4%). But even the artificially depressed/massaged/ridiculous "core" CPI (that excludes those things none of us use, like food and gasoline) jumped 0.3%. That was the biggest monthly gain in a year. For a "data dependent" Fed, these numbers should be the kiss of death.
3) $71 oil. $620 gold (after today's correction). Surging aluminum, zinc, platinum, copper, etc. prices. Yep, no inflation here.
4) Housing stats falling off a cliff, with the latest (April) National Association of Home Builders' index reading of 50 the lowest since November 2001. Exclude the post-9/11 figures, and you have to go back to 1996 to find numbers that are worse.
Of course, this is only more concrete proof that the real estate shills are right about a "soft landing." (Yes, I'm saying that with my tongue firmly planted in my cheek)
1) Looks like we're having about the 5th "The Fed is done hiking rates" rallies in the stock market. I suppose even a stopped clock is right twice a day. But when are these rocks-for-brains "expert" economists on Wall Street going to give it up. How come they have any credibility left? Just wondering.
2) Nasty Consumer Price Index numbers yesterday. Headline CPI showed a big jump (0.4%). But even the artificially depressed/massaged/ridiculous "core" CPI (that excludes those things none of us use, like food and gasoline) jumped 0.3%. That was the biggest monthly gain in a year. For a "data dependent" Fed, these numbers should be the kiss of death.
3) $71 oil. $620 gold (after today's correction). Surging aluminum, zinc, platinum, copper, etc. prices. Yep, no inflation here.
4) Housing stats falling off a cliff, with the latest (April) National Association of Home Builders' index reading of 50 the lowest since November 2001. Exclude the post-9/11 figures, and you have to go back to 1996 to find numbers that are worse.
Of course, this is only more concrete proof that the real estate shills are right about a "soft landing." (Yes, I'm saying that with my tongue firmly planted in my cheek)
posted by Mike Larson at
12:52 PM
0 Comments:
Post a Comment
<< Home